SAN DIEGO, July 14, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up on July 29, 2014 to get actively involved in the lawsuit filed for certain investors in shares of Covisint Corp (COVS) over alleged Securities Laws Violations by Covisint Corp.
If you purchased shares Covisint Corp (COVS), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 29, 2014. COVS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Covisint Corp, certain of its officers and directors and the underwriters of Covisint Corp's September 26, 2013 initial public stock offering ("IPO") violated that Securities Act of 1933. More specifically, the plaintiff claims that the Registration Statement, and the documents referenced and incorporated therein, allegedly negligently failed to disclose that Covisint Corp was experiencing a greater than expected decline in its subscription revenue due to poor sales execution and late-stage pipeline conversion issues, that Covisint Corp was facing increased competition in its services segment as customers were not adding services at a rate consistent with expectations, that Covisint Corp was experiencing a decline in General Motors-related service revenue, that Covisint Corp was losing healthcare customers at an increasing rate and its pipeline of healthcare-related deals was steadily declining and included numerous deals that were not likely to be consummated, and that as a result of the foregoing, there was no reasonable basis to "expect" revenues for 2014 to increase by 20% from 2013.
The plaintiffs says that these known, but undisclosed, facts had a material adverse effect on Covisint Corp's operating results during its fourth quarter and fiscal 2014 full-year.
On January 23, 2014, Covisint Corp announced its third quarter fiscal 2014 earnings results and on March 13, 2014, Covisint Corp announced its preliminary fourth quarter fiscal year 2014 result and named Sam Inman interim CEO.
Shares of Covisint Corp declined from $12.84 per share on January 23, 2014 to as low as $3.99 per share on June 4, 2014.
Those who purchased shares of Covisint Corp have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.